Broadcast Equipment Market worth $6.7 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 15, 2023 /PRNewswire/ -- The Global Broadcast Equipment Market is expected to be valued at USD 5.2 billion in 2023 and is projected to reach USD 6.7 billion by 2028; it is expected to grow at a CAGR of 5.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of the broadcast equipment market is propelled by increasing use of digital broadcasting, and adoption of advanced technologies. However, higher cases of cyber attacks are restraining the growth of the market.
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Broadcast Equipment Market Report Scope:
Encoders segment is expected to hold the largest share during the forecast period.
Encoders play a central role in the conversion of audio and video content into digital formats, facilitating their transmission and distribution. The increasing demand for top-tier video content, encompassing high-definition (HD) and ultra-high-definition (UHD) formats, underscores the criticality of encoders. They are indispensable for encoding and efficiently compressing such premium content, ensuring its seamless transmission across diverse networks while maintaining its quality. Additionally, the surge in the popularity of live broadcasts, spanning sports, news, concerts, and other events, further increasing demand for encoders.
Television Segment is projected to witness growth at the highest CAGR during the forecast period.
Television segment in terms of application is expected to have highest CAGR during the forecast period. Despite the rise of digital and online platforms, television remains a primary source of entertainment and information for many people globally. This consistent demand for television content drives investments in broadcast equipment to ensure the delivery of high-quality programming. Moreover, major sporting events, live shows, and news broadcasts remain a significant part of television programming. These factors are fueling the growth of the market.
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North America to dominate broadcast equipment market during the forecast period.
North America is expected to dominate in the broadcast equipment industry during the forecast period. North America, particularly the United States, is home to a well-established and thriving media and entertainment industry. Major broadcasting networks, film studios, and production companies are headquartered in this region. These entities invest heavily in state-of-the-art broadcast equipment to produce and distribute content.
The broadcast equipment companies includes significant Tier I and II players like Cisco Systems Inc., (US), Telefonaktiebolaget LM Ericsson (Sweden), CommScope (US), Evertz Microsystems, Ltd (Canada), Harmonic Inc. (US), EVS Broadcast Equipment (Belgium), Grass Valley (Canada), Wellav Technologies Ltd. (China), Eletec Broadcast Telecom S.A.R.L (France), and Clyde Broadcast (UK) are some of the key players in the broadcast equipment market.
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